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Portland, OR

Apartment

The Portland apartment market vacancy rate, accordingly, has been rising. It has not, however, reached levels typically associated with oversupply. Indeed, vacancy here has run below 5.0%, and often below 4.0%, since 2010. The rate for the third quarter of 2017 was 4.8%, up 20 basis points for the quarter but down 10 year-to-date following 2016’s increase by 50—after an 80-basis-points rise the year before. At $1,293 and $1,226 per month, respective third quarter asking and effective averages were up 2.7% and 2.2% year-to-date following increases of fully 7.6% and 7.3% in 2016. Gains in 2015 were astonishing at 12.9% and 12.4%. Remarkably, increases in the asking and effective averages since 2007 run at fully 62.0% and 64.1%.
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The Portland apartment market vacancy rate, accordingly, has been rising. It has not, however, reached levels typically associated with oversupply. Indeed, vacancy here has run below 5.0%, and often below 4.0%, since 2010. The rate for the third quarter of 2017 was 4.8%, up 20 basis points for the quarter but down 10 year-to-date following 2016’s increase by 50—after an 80-basis-points rise the year before. At $1,293 and $1,226 per month, respective third quarter asking and effective averages were up 2.7% and 2.2% year-to-date following increases of fully 7.6% and 7.3% in 2016. Gains in 2015 were astonishing at 12.9% and 12.4%. Remarkably, increases in the asking and effective averages since 2007 run at fully 62.0% and 64.1%.
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Industrial

Portland’s warehouse/distribution sector vacancy, declining more or less steadily since 2010, reached a multi-year low of 8.7% at the end of the second quarter of 2017. A quarter later, in the wake of the large construction completion total, it had risen to 9.4%—still, a 50-basis-points decline year-to-date on the heels of 2016’s 110-basis-points loss. The relative balance of supply and demand seen over the next two months resulted in a November rate of 9.4%. Rent growth, strengthening in 2015, strengthened again in 2016 and has remained strong in 2017. At $6.29 psf and $5.90 psf, respective asking and effective averages for the third quarter represented gains of fully 4.5% and 4.6% year-to-date after increases of 4.3% and 4.6% all told through 2016. Gains for the third quarter alone were 1.8% and 1.7%. November’s update indicates respective increases of 1.1% and 1.2% over the October-November span.
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Portland’s warehouse/distribution sector vacancy, declining more or less steadily since 2010, reached a multi-year low of 8.7% at the end of the second quarter of 2017. A quarter later, in the wake of the large construction completion total, it had risen to 9.4%—still, a 50-basis-points decline year-to-date on the heels of 2016’s 110-basis-points loss. The relative balance of supply and demand seen over the next two months resulted in a November rate of 9.4%. Rent growth, strengthening in 2015, strengthened again in 2016 and has remained strong in 2017. At $6.29 psf and $5.90 psf, respective asking and effective averages for the third quarter represented gains of fully 4.5% and 4.6% year-to-date after increases of 4.3% and 4.6% all told through 2016. Gains for the third quarter alone were 1.8% and 1.7%. November’s update indicates respective increases of 1.1% and 1.2% over the October-November span.
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Office

The Portland general purpose, multi-tenant office market vacancy rate closed the third quarter of 2017 at 11.8%, down 20 basis points for the period and down 90 year-to-date following a loss of 30 through 2016. October-November’s balance of supply and demand left the vacancy rate unaffected. Rent growth continues at healthy rates. At $24.22 psf and $19.32 psf, respective third quarter asking and effective averages were up 2.2% and 2.4% year-to-date following gains of 3.1% and 3.2% last year. Increases for the third quarter alone were 0.2% and 0.3%. Data for November indicate respective increases of 0.2% and 0.3% over the October-November span.
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The Portland general purpose, multi-tenant office market vacancy rate closed the third quarter of 2017 at 11.8%, down 20 basis points for the period and down 90 year-to-date following a loss of 30 through 2016. October-November’s balance of supply and demand left the vacancy rate unaffected. Rent growth continues at healthy rates. At $24.22 psf and $19.32 psf, respective third quarter asking and effective averages were up 2.2% and 2.4% year-to-date following gains of 3.1% and 3.2% last year. Increases for the third quarter alone were 0.2% and 0.3%. Data for November indicate respective increases of 0.2% and 0.3% over the October-November span.
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Retail

Third quarter 2017 Portland community-neighborhood center vacancy was low at 7.3%, down 10 basis points for the period and down 40 year-to-date following a loss of 60 all told the year before. By the end of November, the local rate had shed 10 additional basis points. Rent growth in the community-neighborhood shopping center sector was slow in 2016 and has remained modest in 2017. At $21.81 psf and $19.00 psf, respective asking and effective average lease rates for the third quarter were up 1.7% and 1.8% year-to-date following 2016’s gains of 1.3% and 1.5%. Gains for the third quarter alone were 0.7% and 0.8%. Gains of 0.3% followed for both rates over the October-November span.
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Third quarter 2017 Portland community-neighborhood center vacancy was low at 7.3%, down 10 basis points for the period and down 40 year-to-date following a loss of 60 all told the year before. By the end of November, the local rate had shed 10 additional basis points. Rent growth in the community-neighborhood shopping center sector was slow in 2016 and has remained modest in 2017. At $21.81 psf and $19.00 psf, respective asking and effective average lease rates for the third quarter were up 1.7% and 1.8% year-to-date following 2016’s gains of 1.3% and 1.5%. Gains for the third quarter alone were 0.7% and 0.8%. Gains of 0.3% followed for both rates over the October-November span.
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